the future of money how mobile payments and the digitization of money will change everything docx

1 Title DONALD CHESNUT CHIEF EXPERIENCE OFFICER ALEX SION VICE PRESIDENT, FINANCIAL SERVICES, COE WE ARE IDEA ENGINEERS FUTURE OF MONEY MOBILE PAYMENTS #CXPmpayments 2 Business Transformation Through Experience Innovation WE ARE IDEA ENGINEERS 3 MOBILE PAYMENTS? 4 MOBILE WALLETS? 5 MOBILE SHOPPING? 6 Using our phones as shopping and payment devices is big… … and getting BIGGER. 7 Using our phones as shopping and payment devices is big and getting BIGGER 8 The probability is high that mobile devices become the single most important customer contact point for both the Retail and Financial Services sectors But what’s the real story here? 9 MOBILE PAYMENTS? 10 A real-time, two-way, powerful and flexible, digitization of money . [...].. .FUTURE OF MONEY 11 First, a thought starter… 12 {video} 13 mPayments: 10 ways our world will change 14 1 mPayment solutions don’t simply enable a new method of payment, they will fundamentally transform our relationship with money Do you know where your money lives? There will be a paradigm shift in how money works, how people perceive & use it, and the end of physical currency... Buying offline, picking up at a store Checking out an item at the store, paying for it 2 days afterwards… 17 4 mPayments will cause a fundamental change in the retail experience Mobile payments will enable the “check-out” process to occur in-aisle, at home, anywhere As a result, mPayment will challenge and redefine– long-standing assumptions of how stores are designed 18 5 The arrival of mobile payments. .. Financial inclusion 24 Mobile Payments and the Digitization of Money will Change Everything Or will it? 25 From Theory to Action: The work of SapientNitro 26 Q&A 27 Thanks Donald Chesnut, dchesnut@sapient.com, @D_Chesnut Alex Sion, asion@sapient.com, @ASion1 28 Using our phones as shopping and payment devices is big and getting BIGGER The probability is high that mobile devices become the single most important... merchants, traditional FS, and government or a combo thereof 22 9 NFC technology will fuel mobile payment growth but mobile payment success is not dependent upon NFC It’s not about any specific technology It’s about the experience of frictionless, transparent, consumer empowered commerce Many roads will lead there 23 10 Mobile payments will open up access to money transactions for the under-served Those... payments will enable a new generation of real-time, insight driven, shopping and financial tools End of the days of consumers being “dumb” at point of sale Consumer empowerment to the max 19 6 There are a variety of hurdles for mPayment success, with user adoption being paramount Overcoming user adoption, interoperability, privacy & security, and government are among the largest obstacles to mobile payments. .. currency as we know it 15 2 Credit cards will undergo a significant transformation: mPayments will redefine how we pay, how we use credit, and what a credit card is Is it credit? Is there a card? How do you extend, acquire, receive credit? 16 3 Customer's relationship to money and commerce will move from singular moments to an “always-on” relationship across space and time When does “shopping” happen?... mobile payments The ability to pay by phone will not guarantee success 20 7 mPayments will enable a whole new class of merchants – including new ones mPayment solutions will enable a whole new class of merchants: craftsmen, small business owners, etc 21 8 The mPayment landscape is diverse, and success may come from a wide variety of players Success may come from across a diverse set of players, including;... phones as shopping and payment devices is big and getting BIGGER The probability is high that mobile devices become the single most important customer contact point for both the Retail and Financial Services sectors But what’s the real story here? 29 . redefine– long-standing assumptions of how stores are designed. 4. mPayments will cause a fundamental change in the retail experience. 19 5. The arrival of mobile payments will enable a. where your money lives? There will be a paradigm shift in how money works, how people perceive & use it, and the end of physical currency as we know it. 16 2. Credit cards will undergo. sectors But what’s the real story here? 9 MOBILE PAYMENTS? 10 A real-time, two-way, powerful and flexible, digitization of money . 11 MONEY FUTURE OF 12 First, a thought